Amendments to MFRS 137: Onerous Contracts

Originally published at: Amendments to MFRS 137: Onerous Contracts | TheAccSense

The Malaysian Accounting Standards Board (MASB) issued the amendments to MFRS 137 Provision, Contingent Liabilities and Contingent Assets. The amendments are specifically to address the determination of the cost of fulfilling a contract to assess whether the contract is onerous. The effective date of the amendments is on 1 January 2022 with early application permitted.…